Facebook Sales Miss Q3 Forecasts as Growth Slows on iPhone Privacy Change

’s torrid revenue growth was tempered by Apple’s new ad-tracking opt-in requirement in iOS 14.5 — but the social giant still raked in a ton of money and posted profits that topped Wall Street expectations. For the third quarter of 2021, Facebook reported $29.01 billion in revenue, up 35% year-over-year. Net profit rose 17%, to $9.2 billion (or $3.22 per diluted share). On average, Wall Street analysts expected Facebook to post $29.58 billion in revenue and EPS of $3.19, according to financial-data provider Refinitiv. The company’s flagship Facebook service had virtually no user growth during the quarter: Monthly active users… Read Full Article